US Economy lost another 533,000 jobs in Nov.

[peejay 327]

Economy lost another 533,000 jobs in Nov.

Worst month since December 1974 brings total this year to 1.9 million

BREAKING NEWS

WASHINGTON - Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

Job losses were widespread, hitting factories, construction companies, financial firms, retailers, leisure and hospitality, and others industries. The few places where gains were logged included the government, education and health services.

The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting. The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting. Taken together, though, the employment picture was dismal.

The job reductions were the most since a whopping 602,000 positions were slashed in December 1974, when the country was in a severe recession.

Job losses in September and October also turned out to be much worse. Employers cut 403,000 jobs in September, versus 284,000 previously estimated. Another 320,000 were chopped in October, compared with an initial estimate of 240,000.

The economy has shed more than 1.9 million jobs so far this year, including 1.4 million in the past four months alone.

Employers are slashing costs to the bone as they try to cope with sagging appetites from customers in the U.S. and in other countries, which are struggling with their own economic troubles.

The carnage — including the worst financial crisis since the 1930s — is hitting a wide range of companies.

In recent days, household names like AT&T Inc., DuPont, JPMorgan Chase & Co., as well as jet engine maker Pratt & Whitney, a subsidiary of United Technologies Corp., and mining company Freeport-McMoRan Copper & Gold Inc. announced layoffs.

Fighting for their survival, the chiefs of Chrysler LLC, General Motors Corp. and Ford Motor Co. will return Friday to Capitol Hill to again ask lawmakers for as much as $34 billion in emergency aid.

http://www.msnbc.msn.com/id/28067433

[w¡n9Nµ7 §£@¥€r 123]

... the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

So 1993 was worse?

[웃 910]

Should be a great buying opportunity today. The DJIA is negative 170 points in the pre-market. Thanks for the post.

Crude oil for January delivery is down 3% to $42.35/barrel!

The steep fall in payrolls was the worst in 34 years and was well above economists' expectations of around 350,000. In addition, the unemployment rate rose from 6.5% in October to 6.7% in November, the highest jobless rate since October 1993. See Economic Report. Energy traders are worried that the global economic downturn will seriously dent demand for energy. On Thursday, crude tumbled $3.12, or 6.7%, at $43.67 on the New York Mercantile Exchange, the lowest closing level since January 2005. "Given the rate at which we are selling off, we shudder to think where crude oil prices will be when the boys from OPEC get together in twelve days time," said MF Global analyst Edward Meir. "There simply is very little buying coming into the market, as we saw yesterday, when prices hit four-year lows despite the cartel's attempt to jawbone prices higher," Meir said.

Edited December 5, 2008 by Confucian

[kaydee457 13]

Damn democrats and their social engineering.....they wrecked the economy; Dowd, Schumer, Frank, and Rangel. They should be outed for the hypocrites they are......

[w¡n9Nµ7 §£@¥€r 123]

Damn democrats and their social engineering.....they wrecked the economy; Dowd, Schumer, Frank, and Rangel. They should be outed for the hypocrites they are......

The Democrats are fvckin evil magicians...they can wreck things before they even take office!!

[^KK^ 3]

This is horrible.

[Trumplestiltskin 5,791]

Damn you Kropotkin! DAMN YOU!!!

[HAL 9000 96]

Damn democrats and their social engineering.....they wrecked the economy; Dowd, Schumer, Frank, and Rangel. They should be outed for the hypocrites they are......

yay!

More blue and red for the agitated siggie too.

[Trumplestiltskin 5,791]

... the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

So 1993 was worse?

The worst employment figures since the last time that the economy was in the toilet.

[Heracles 417]

Someone needs to analyze this situation further. The country has literally gone from morally bankrupt to financially bankrupt.

If people ever get over the pissing contest, did GWB ever have a mandate in the Senate or House where he could pass and literally do anything he chooses. The president is powerless without the Senate and House approval.

[Trumplestiltskin 5,791]

Someone needs to analyze this situation further. The country has literally gone from morally bankrupt to financially bankrupt.

If people ever get over the pissing contest, did GWB ever have a mandate in the Senate or House where he could pass and literally do anything he chooses. The president is powerless without the Senate and House approval.

He has the presidential veto...

[SpiritAlight 1]

Has the bottom fallen out yet?

Is this just the beginning?

Was Chicken Little right?!

I swear if those scum sucking USian "big three" get a dime I'll scream.

Mid Summer sometime NPR was interviewing Ford CEO (I believe it was Ford, maybe they hot GM too).

They asked about the models that Ford was making in Europe.

The economical ones, the ones better for the environment.

They asked when Ford would bring these models to the U.S.

Ford said they were doing the best they can and that they would start to bring them in 2010.

You know what that means: NEVER.

Because when people throw around dates like 2010, we never get there.

It could have happened "yesterday".

Why did it not?

They have not merited a handout.

Damn these multinationals and their lining up for welfare!

Maybe I should package and mail the "big three" the DVD, "Who Killed the Electric Car?", so they could be reminded that some of us remember.

[Peikko 1,575]

The US is not morally bankrupt - if you actually look at the behaviour of the majority as apposed to the minority that are splashed in the news in order to sell, well just about anything, you would understand that in reality, today's society is pretty fine. Yes, there are things that could be improved, even now, but for the most part - the US is doing a fantastic job. Now, I am not quite sure BY which century you would prefer to live in, but I am seeking a time machine especially to transport you back to the time you believe was 'morally' superior.

[SpiritAlight 1]

With less and less job available and more and more people needing work, and with more and more people losing the homes they could not afford, and the new unemployed about to maybe lose their homes...well....

not lookin' too good for those of us new here lookin' for worky.

It is time to resharpen our pencils and get back to basics.

What skills do we have and what kind of entrepreneur are we really.

Yup.

The US is not morally bankrupt - if you actually look at the behaviour of the majority as apposed to the minority that are splashed in the news in order to sell, well just about anything, you would understand that in reality, today's society is pretty fine. Yes, there are things that could be improved, even now, but for the most part - the US is doing a fantastic job. Now, I am not quite sure BY which century you would prefer to live in, but I am seeking a time machine especially to transport you back to the time you believe was 'morally' superior.

Who me Madame Cleo?

A time machine would be cool.

I doubt there was ever a century where things were completely moral.

Only people.

And those types still and will always exist.

[Trumplestiltskin 5,791]

The US is not morally bankrupt - if you actually look at the behaviour of the majority as apposed to the minority that are splashed in the news in order to sell, well just about anything, you would understand that in reality, today's society is pretty fine. Yes, there are things that could be improved, even now, but for the most part - the US is doing a fantastic job. Now, I am not quite sure BY which century you would prefer to live in, but I am seeking a time machine especially to transport you back to the time you believe was 'morally' superior.

Hmmm... I'm biting my lip here.

Lets just say that declaring "moral bankruptcy" isn't inconsistent with declaring a desire to "beat into the ground" parents whose child upbringing isn't to BY's liking.